Perhaps you would like to own your own business, but are not interested in launching a new entity from the ground up. Buying an existing business may be an excellent option. It’s often less risky because, theoretically, you should be buying a “proven formula.”
Assets of an established business can include its customer base, industry goodwill, established suppliers and skilled employees, as well as identified cash flow. On the other hand, the cost of buying a business is usually higher than starting one yourself.
Buying a business is complex at best. One you have decided on a potential purchase you will need to do research, decide on a viable price for the business, decide from one of many types of purchases, get financing needed and much more.
The following tips will help you determine whether purchasing a business is right for you, and will prepare you to meet with a Certified Business Advisor, who can provide further advice and guidance.